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Spread the word : international spillovers from central bank communication

Armelius, Hanna; Bertsch, Christoph; Hull, Isaiah; … - 2018

central banks. Overall, our results suggest that central bank communication contains systematic biases that could lead to …

Persistent link: https://www.econbiz.de/10011911134

The Fed speaks, but does the press repeat? : investigating the communication channel between the Fed and the written press

Dalloul, Ami - 2024

This paper investigates the effectiveness of the media transmission channel of the Federal Reserve (Fed) communication … with the general public. Spanning a 20-year period (2003-2023), around 5,400 Fed communication documents and 333 … media, while other topics such as inflation forecasts show varied effectiveness. Changes in the Fed's communication style …

Persistent link: https://www.econbiz.de/10015152735

Mark my Words : The Transmission of Central Bank Communication to the General Public via the Print Media

Munday, Tim; Brookes, James - 2021

We ask how central banks can change their communication in order to receive greater newspaper coverage. We write down a … communication in such a way that newspapers choose to report it, while still retaining the message the central bank wishes to convey … measures of news coverage in order to determine what causes central bank communication to be reported on will likely prove to …

Persistent link: https://www.econbiz.de/10013322399

Financial markets and dissent in the ECB's governing council

Tillmann, Peter - 2020

The decision-making process in the ECB's Governing Council remains opaque as the ECB, in contrast to many other central banks, does not publish the votes for or against a policy proposal. In this paper, we construct an index of dissent based on the ECB presidents' answers to journalists'...

Persistent link: https://www.econbiz.de/10012543060

Bank lending in Switzerland: capturing crosssectional heterogeneity and asymmetry over time

Beutler, Toni; Gubler, Matthias; Hauri, Simona; … - 2020

We study the bank lending channel in Switzerland over three decades using unbalanced quarterly bank-individual data spanning 1987 to 2016. In contrast to the usual empirical approach, we take an agnostic stance on which bank characteristic drives the heterogenous lending response to interest...

Persistent link: https://www.econbiz.de/10012264674

Identifying the monetary transmission mechanism using structural breaks

Beyer, Andreas; Farmer, Roger E. A. - 2003

We propose a method for estimating a subset of the parameters of a structural rational expectations model by exploiting changes in policy. We define a class of models, midway between a vector autoregression and a structural model, that we call the recoverable structure. As an application of our...

Persistent link: https://www.econbiz.de/10009635894

An investigation of the gains from commitment in monetary policy

Schaumburg, Ernst (contributor); … - 2003 - [Elektronische Ressource]

This paper proposes a simple framework for analyzing a continuum of monetary policy rules characterized by differing degrees of credibility, in which commitment and discretion become special cases of what we call quasi commitment. The monetary policy authority is assumed to formulate optimal...

Persistent link: https://www.econbiz.de/10001783067

Monetary policy in EMU when the transmission is asymmetric and uncertain

De Grauwe, Paul; Sénégas, Marc-Alexandre - 2003

In this paper we address the issue of how transmission uncertainty could affect the choice between a federal monetary policy based on national data and one on aggregated data. We find that the uncertainty about the transmission process increases the need to take into account information about...

Persistent link: https://www.econbiz.de/10001753567

DSGE Models and Central Banks

Tovar, Camilo Ernesto - 2013

Over the past 15 years there has been remarkable progress in the specification and estimation of dynamic stochastic general equilibrium (DSGE) models. Central banks in developed and emerging market economies have become increasingly interested in their usefulness for policy analysis and...

Persistent link: https://www.econbiz.de/10014214942

Exchange Rate and Inflation Under Weak Monetary Policy : Turkey Verifies Theory

Gürkaynak, Refet S.; Kısacıkoğlu, Burçin; Lee, … - 2022

For the academic audience, this paper presents the outcome of a well-identified, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal...

Persistent link: https://www.econbiz.de/10014083478